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HomeMy WebLinkAbout1091 • • ~i •v ~ ~ l header's written agresmerrt or applicable law. ~ Barro~wet shall pray the smoud of aN mortgage iasuraaos prearitwns iw the • manner provided under paragraph 2 hereof- - Any amounts disbursed by Lender pursuant to chit paragraph 7. with interest thereon. shall become additiond indebtedness of Borrower secured oy this Mortgage. Unless Borrower and tender agree to other tests of paymcac, such - amounts shall be payable upon notice from [.ender to Borrower roquestitrg payment thereof, and shall beu interest frotx the date of disbucsutttnt. at the rate payable from t'rrrrt to tithe on .outstanding principal under fire Note untas pwyrwewt o[ interest at such rate would be contrary to applicable law, in which event such•antounts shall bear interest at the higirett ra/s . permiaibk under sppiicabk law: Nothing contained in this paragraph 7 tfraB tequirc Lender to incur any expense or taros any sction Irereuttder. fl. /wt~eeliow. Lender may make or cause to be made reason:bk rntrres ~rpon and inspections of the Property. psosrided that Leader shall give Borrower notice prior to any such inspection specifying reasonable cage therefor elated to tender's interest in the Property. Ceuieatwaifoa. The proceeds of any award a claim for damages, direct nr consequential. in oarrrredioa with gay condemnation or other taking of the Property, or part thereof. or for conveyance in lieu of oorrderrrnatiaa, are heeeby astigaed and shah be paid to tender. la fire event of a total taking of the Property. +he proceeds .shall be applied to the sums aecured by then Mortgage. with the excess. if any, paid Io Borrower. in the event of a partial taking of the Property.. unless Borrower snd Deader otht~ise sgr~x in writing, there shall be applied to the sums srxur+ed by this Mortgage such proportion of the prooeedt _ as is equal to that proportion which the amount of the sums secured by chi: Mortgage anmodiately prim to the data of taking bears to the fair market value of the Property immediately prior to the date of taking, with the bslanoe of the pf' paid to Borrower. - - - if the Property is abandc+ned by 8or.-ower, or if. after notice by tcrrdtr to Borrower that the oorrdwtrror oftera to make an award or settle a claim for dar.:.:ges. Bc+rroMrer fails to respond to tender within 30 days after'the date such notice is mailed, lender is authorized to oolkd and apply the proceeds. at Lender's option. either to-restoration or repair of the . Property or to the sums secured by this Motigalee. - - ~ Unless Lender and Borrower otherwise agree in writing, any such application of. proceeds to principal shag trot extard or pastporie the due date of the monthly installments referred to in paragraphs 1 snd 2 hereof or dtange the aatotrat d ' such irrstallmeMs. . 10. )sesrawer Not RNanei. Extension of the time for payment or modiAcatron of arrrortization of the sums aepmed by this Mortgage granted by Lender to any circoessor in interest of Borrower shall not ope*ate to release. in arty manner. the liability of th- original Borrower and &+rrowcr s succesuxs in interest. Lender mall not be required to commence proceedings agairut such srtccessor or refuse to extend time far payment or otherwise modify arrrortiration sf _the sums secured by this Mortgage by reason_of any demand made by the original Borrower and Borrosner's srtecessots in interest. ll. Farlrearaace iy iewier Not s Waiter. Any forbearance by Lender in txercising any right or remedy lrq+eunder. or otherwise afforded by applicable law, shall not ba a waiver of or prechde the exercise of any such right oa remedy. 7•he procurement of .insurwoce or the payment of taxes or other !lens a charges by Lprder shall trot be a waiver of Leodtr's right to aeoeknte the maturity of the indebtedness secutied by this Mortgage. - l2. Rewteiies ~swtslatlsw. Afl remedies provided in this Mortgage are diuinct and cumulative M amt other right a remedy under this Mortaagt or afforded by law or equity. and may be exercised carcrrrr+ently, independently or woocssivel)?. 13~. ~et~ewns awl Assigws lotrwi: Join awl Several iL6liiy. Capfis¦s. The oovenaob gad agreements her+eirr contained shall bind. and the rights hercurrdtr shall inuug so. the.rcspective strcceuors and assigns of Lender apd Borrower. subject to the provisions of paragraph 19 hereof. All covenants and agreements of Borrower drall be joirj{ gad several.. The pptions' and headings of the paragraphs of this Mortgage arc for convenience only .and art rat to tie used to interpret or define the provisions hete~of. - 14. Notkt. Except fot any rrotic•~ required under applicable law to be even in another . (a) tm? notice to Borrower provided for in -this Mortgage shall be given by mailing such notice by certiAed marl addressed to Borrower at -the Property Address or at such other address :s Borrower mar designate by notice to iender as provided herein. and _ (b) any notice to Lender shall be givtrr by Certified mail. return receipt cequtsted. to i..endtr's address stated herein or to such other addtess as Lender may designate by notice to Borrower as provided herein, Arty entree provided for in Zhis Mortgage shalt 6e deemed to have been given to Borrower or Lender when given in the-mariner designated hereie. II, lS. Uwitartrt MaylMe: Goverwialt raw: Sevnsbiiity This form of mortgage combines uniform covenants for aatioaal use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform aecurity ieatrunsent oo+rering real property. This Mortgage shall 6e governed by the law. of the jurisdiction in which the $ropetty is located. In the event that any provision or clause of this Mortgage nr the Note conflicts with applicable law. such Conflict shah not aAect other provisions of this Mortgage cr the -Nate which can be given tftect without the oonAictir?g provision. and to this end the provisions of the Mortgage and the Note are declared to be trustable. lip. lieerowes's Copy. Borrower shall be furnished a conformed cop) of the Note gad of this Mortgage at the tithe of execution or after recordation hereof. 19..Trawder d tre Pto~esty: Ass~wpbw. if all or any part of the Property or ere interest therein is sold or transferred by Horrowet without Lender's prior written consent. excluding {a) the creation of a lien or eaprmbranot subordinate to _ this Mortgage, (b) the creation of a purchase money security interest for irotrsehotd spplianoes. (c) a transfer by devise. _ - descent or by operation of law upon the death of a joint tenant or {d) the grant of any leasehold interest of three yeah or less not containing an option to purchase, Lender may,. at Lender s option. declare all the sums secured by the Mortgage to be immediatdy due and pay:ble. Lender shall have waived such option to accelerate if. prior to thr sale or transfer, bender and the person to whom the Property is tr be sold or transferred reach sgresmart in writing that tint erodit of such person - le satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender steal! request, if Lander has waived the op'ron to accelerate prodded in this paragraph l7. and if 8onriwei s sueoessor in interest has executed a written assumption agreement aco=pted in writing by Lender. Lender shall rdease Borrower from all - oblations under this Mortgage and the Note. - tf irerrder exercises such option to accelerate. Lender shalt mail Borrower notice of aeoekration in accordarrcr. with paragraph 14 hw+tof. 4tclr notice shall provide a peri:id of not less than 30 days from the date the notice is mailed within which Borrower may pay the somas detested due. if Borrower fails to pay such sums {trier to the expiration of srrclr peread. tender away. without further entree or demand ~n horrowcr, invoke any remedies ptrmitteil by paragrsplr 18 hereof. NoN-iltnt~oaw Covtnatrrs. borrower and Lender fucthu covenant and agree at toBows: lfi. Acrderatlrtr Reatslies. B:cept as prevliel i! pragrapir 17 freraaf. Wes >ier*r'wat"s frseaeh d awj eereawM err ' agreesewt of bsslewer In Arb Mur~age, iwClwiiag ittie sererwrrts ~ /sy wires ltre aq swats secwtsl 1y?11i Msetgatge. I.eaier - wior f..ereladM. sit.li.aY.ottire to sorr.wer a~a preiasi is p.ragraf: to ha+ear speeByl~s p1 efe hte.ef~ t2) tie sed.. ragafed N errs sweh lrteaeft; s west Mss tttaat 3• daprs tretrt the late fire wstice b wralliai w lantrwer. try whkh srtelr breach twsst be eaa~ awl M that ftaifwet N eoee streh bserreh es m betete the late d Art Ttaiietty. wstiet seeeleraiisw st the gar sacsrel y tltiit Moeipgt. h+sciesne b ~w ester ftrrtrer iwfees l.rr.+ser ot-t~~e rlgM a Rlwttale aver seeeMratlow ad the right to .tort i• Are f«eeiastre ~caeitB - ~e wott•e:itlewee at i defadt or homy Mhcr lefs+tse d ierrower is aecdcrMiort atri farceiosate- If Bee hs~eacii is wet e~ei ew err Iietvre Are isle speetiel V Are wtke. t,ealer at i.eaier's eptiow t!ss!' ledare all sf Bee srsat ssetrtei try Ariz Msttgtgpe M k tmtaeditfeiy dtrs atti layalrle witMwt fwet5er demand and ~ tareelsat skit Meet~tge b' }ikW !t'ae'seanlt. Lender shsi k awtMsi a ferret b welt ~hrL all esprases of fsrttloasre, iaela~ilaA+ ltrf Nt firrilsl M. restt~waile saunter's fees„ r easlit d ise~issewhe7 evi/ta~, erat~le awl HAe ee}w!et. lf. Ijssrtrwa's 11<lgltt a - NcKwithstand~ng Le t~ ~ M~ ~ ~ued err any d~rne Borrower shell have the right to have any proceed gs Eu hj' l,~ b a .